Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 3 · Investment income

  total $40,544,298 · excluded $40,544,298

• 6a · Gross rents

  real property $155,349

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $155,349

• 6d · Net rental income or loss

  total $155,349 · excluded $155,349

Functional expenses

Part IX, the statement of functional expenses.

• 20 · Interest

  total $42,024,322 · management and general $42,024,322

• 24a · Other expenses: LICENSE AND TAXES

  total $800 · management and general $800

• 24b · Other expenses: PRINTING & DUPLICATING

  total $233 · management and general $233

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $643,204 · end of year $886,301

• 13 · Investments: program-related

  beginning of year $2,514,324 · end of year $2,532,997

• 15 · Other assets

  beginning of year $3,478,817,580 · end of year $3,591,105,832

• 17 · Accounts payable and accrued expenses

  beginning of year $18,168,387 · end of year $18,161,536

• 20 · Tax-exempt bond liabilities

  beginning of year $1,488,659,380 · end of year $1,481,763,515

• 25 · Other liabilities

  beginning of year $0 · end of year $8,093,006

• 27 · Net assets without donor restrictions

  beginning of year $1,075,269,193 · end of year $1,119,387,551

• 28 · Net assets with donor restrictions

  beginning of year $899,878,148 · end of year $967,119,522

The filer's explanations (Part III)

PART I, LINE 3

THE CEO OF CEDARS-SINAI HEALTH SYSTEM IS COMPENSATED BY CEDARS-SINAI MEDICAL CENTER, THE SUPPORTED ORGANIZATION OF CEDARS-SINAI HEALTH SYSTEM. CEDARS-SINAI MEDICAL CENTER USED THE FOLLOWING METHODS IN ESTABLISHING THE CEDARS-SINAI HEALTH SYSTEM CEO'S COMPENSATION: 1) OVERSIGHT OF THE EXECUTIVE PERSONNEL COMMITTEE OF THE BOARD; 2) INDEPENDENT COMPENSATION CONSULTANT AND COMPENSATION SURVEY OR STUDY; 3) WRITTEN EMPLOYMENT CONTRACT; AND 4) APPROVAL BY THE EXECUTIVE PERSONNEL COMMITTEE

PART I, LINE 4B

THERE ARE TWO NONQUALIFIED COMPENSATION PLANS IN WHICH ONE OR MORE OF THE LISTED PERSONS PARTICIPATE. THE FIRST PLAN IS A DEFERRED COMPENSATION PLAN. THIS IS A "GRANDFATHERED" TRADITIONAL DEFINED BENEFIT PLAN (NO NEW PARTICIPANTS HAVE BEEN ADDED SINCE 1986). THE BENEFIT FORMULA IS A PERCENTAGE OF THE HIGHEST FIVE YEARS AVERAGE ANNUAL SALARY TIMES THE NUMBER OF YEARS OF ELIGIBLE SERVICE, WITH A MAXIMUM CREDITED SERVICE OF 30 YEARS. THE SECOND PLAN IS A SUPPLEMENTAL RETIREMENT ALLOWANCE THAT IS PAYABLE DIRECTLY TO THE PARTICIPANTS EACH QUARTER. THE BENEFIT FORMULA FOR THIS PLAN HAS ANNUAL CONTRIBUTIONS THAT ARE EITHER A PERCENTAGE OF SALARY, OR ARE DESIGNED TO FUND A PERCENTAGE OF THE ESTIMATED FINAL 5-YEAR AVERAGE SALARY. CERTAIN INDIVIDUALS ALSO RECEIVED PAYOUTS FROM AMOUNTS ACCRUED IN PRIOR YEARS. IN ADDITION, TWO INDIVIDUALS HAVE RETENTION INCENTIVES WHICH HAD CLIFF-VESTING DATES DURING CALENDAR YEAR 2024. THE FOLLOWING OFFICERS AND DIRECTORS RECEIVED PAYMENTS BELOW DURING THE YEAR ENDED DECEMBER 31, 2024. THESE PAYMENTS ARE INCLUDED IN SCHEDULE J, PART II AND ARE NOT INCREMENTAL PAYMENTS. PEGGY MILES, MD 20,350 THOMAS M. PRISELAC 1,624,052 DAVID M. WRIGLEY 956,888 PART II, COLUMN C: THE NEGATIVE AMOUNTS IN SCHEDULE J PART II COLUMN C ARE RELATED TO A DECREASE IN ACTUARIAL VALUE OF THE ACCRUED BENEFITS OF A DEFERRED COMPENSATION PLAN. THE TORRANCE HEALTH ASSOCIATION (THA) BOARD OF TRUSTEES PROVIDES A SERP TO PARTICIPANTS IDENTIFIED AS 'KEY EMPLOYEES'. THE SERP PROVIDES FOR AN ANNUAL ACCRUAL BASED UPON THE KEY EMPLOYEE'S EARNINGS TO BE ACCUMULATED IN A LIABILITY ACCOUNT EARNING INTEREST AT THE RATE SPECIFIED IN THE PLAN DOCUMENT. PARTIAL VESTING AND DISTRIBUTION OCCURS UPON A PARTICIPANT'S REACHING AGE 55 AND MAINTAINING EMPLOYMENT AS A KEY EMPLOYEE OF THA. PASADENA HOSPITAL ASSOCIATION, LTD. ("PHA") ADOPTED A 457(F) NON-QUALIFIED RETENTION PLAN, EFFECTIVE DECEMBER 15, 2005. THE PURPOSE OF THE PLAN IS TO ENCOURAGE RETENTION OF PEOPLE WHO ARE CRITICAL TO THE LONG-TERM HEALTH AND MISSION OF THE ORGANIZATION, AND TO ENCOURAGE THEM TO THINK IN TERMS OF SPENDING THEIR FULL CAREERS WITH PHA. THIS BENEFITS THE ORGANIZATION WITH CONTINUITY AND STABILITY OF KEY MEMBERS OF THE LEADERSHIP TEAM. THE PLAN COVERS CERTAIN MEMBERS OF THE EXECUTIVE MANAGEMENT TEAM OF PHA. AS MEMBERS OF THE EXECUTIVE MANAGEMENT TEAM OF PHA, CERTAIN PERSONS LISTED ON PART VII OF THE 990 PARTICIPATE IN THE PLAN. THE BENEFITS ACCRUED FOR EACH INDIVIDUAL UNDER PHA'S 457(F) RETENTION PLAN WERE PAID IN A LUMP SUM UPON VESTING. PARTICIPANTS VEST AFTER THREE YEARS OF SERVICE. DURING THE VESTING PERIOD, THE RETENTION PLAN BENEFIT IS SUBJECT TO SUBSTANTIAL RISK OF FORFEITURE. THE FOLLOWING INDIVIDUALS RECEIVED A TAXABLE PAYOUT DURING 2024: LORI J. MORGAN, MD - $37,777 PHA ADOPTED A 457(F) EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN, EFFECTIVE JANUARY 1, 2014, FOR THE BENEFIT OF A SELECT GROUP OF EXECUTIVE MANAGEMENT OR HIGHLY COMPENSATED EMPLOYEES. THE PURPOSE OF THE PLAN IS TO ENHANCE THE ABILITY OF PHA TO ATTRACT AND RETAIN QUALIFIED MANAGEMENT OR HIGHLY COMPENSATED PERSONNEL. PARTICIPATION IN THE PLAN IS LIMITED TO EMPLOYEES WHO (I) QUALIFY FOR INCLUSION IN A SELECT GROUP OF MANAGEMENT OR HIGHLY COMPENSATED EMPLOYEES', AND (II) ARE CLASSIFIED AS EXECUTIVES AT THE VICE PRESIDENT AND SENIOR VICE PRESIDENT LEVEL OR ABOVE. THE FOLLOWING INDIVIDUALS PARTICIPATED IN THE 457(F) EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN AND RECEIVED A TAXABLE PAYOUT THAT IS INCLUDED IN SCHEDULE J, PART II, COLUMN B(III) AS OTHER REPORTABLE COMPENSATION. THE 2024 PAYOUTS WERE RELATED TO THE INITIAL YEAR PLAN CONTRIBUTIONS FOR PARTICIPANTS THAT WERE VESTED IN THE INITIAL PLAN YEAR OF 2014: LORI J. MORGAN, MD - $213,432 ADDITIONAL AMOUNTS RELATING TO THE 457(F) EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN WERE ACCRUED DURING 2024 TO PROPERLY REFLECT PRIOR YEAR ACTIVITY.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

• ISS ASC HOLDINGS LLC

  INVESTMENT IN HEALTHCARE SERVICES · CA

• ENDOSCOPY CENTER OF SANTA MONICA LLC

  ENDOSCOPIES AND THE RELATED PROCEDURES · CA

• INTERNATIONAL SPINE & ORTHOPEDIC INSTITUTE LLC

  SPINE AND ORTHOPEDIC INSTITUTE · DE

• SANTA MONICA IMAGING GROUP LLC

  IMAGING CENTER · CA

• CS-BH ASC HOLDINGS LLC

  HOLDING COMPANY · CA

• 90210 ASC VENTURE LLC

  AMBULATORY SURGERY CENTER · CA

• 3565 DEL AMO ASSOCIATES A CALIFORNIA LIMITED PARTNERSHIP

  RENTAL REAL ESTATE · CA

• TIA-CEDARS MANAGEMENT SERVICES ORGANIZATION LLC

  INVESTMENT IN HEALTHCARE SERVICES · CA

• K HEALTH-CEDARS MANAGEMENT SERVICES ORGANIZATION LLC

  HEALTHCARE MANAGEMENT SERVICES · CA

• PASADENA ASC VENTURE LLC

  HOLDING COMPANY FOR AMBULATORY SURGERY CENTERS · CA

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• GRAVIDAS DIAGNOSTICS INC

  C · MEDICAL EQUIPMENT AND SUPPLIES MANUFACTURING · DE · controlled entity

• CONGRESS SERVICES CORPORATION

  C · MANAGEMENT SERVICES · CA · controlled entity

• THIRD STREET INSURANCE COMPANY (SAC) LTD

  C · CAPTIVE INSURANCE · BD · 100% owned · share of income $37,924,600 · share of assets $62,626,776 · controlled entity

  Directly controlled by CEDARS-SINAI HEALTH SYSTEM

• CORONET VENTURES (SINGAPORE) PTE LTD

  C · HEALTHCARE AND BIOMEDICAL INNOVATION INVESTMENTS · SN · controlled entity

• CEDARS-SINAI UK LTD

  C · CLINIC OPERATOR · UK · controlled entity

• CV PB MANAGEMENT COMPANY BV

  C · MANAGEMENT SERVICES · NL · controlled entity